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Lng Prices

Europe Set for LNG Supply Surge

Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows. The shift signals an end to Asia's huge LNG price premium to Europe's benchmark UK gas hub, raising hopes that supply will over coming years be more evenly spread between the basins, traders said. "We see NBP (UK natural gas prices) plus transportation returning as a price benchmark to Asia, at least for the next two to three years," said Javier Moret, head of LNG origination at RWE, Germany's biggest power utility. More than 1.3 million cubic metres (mcm) of LNG, or 800 mcm of pipeline gas, is inbound on officially announced tankers from Qatar, Norway and Trinidad. That's double the same time last year and enough to cover three days of British winter demand. At least six more tankers - the Zarga, Onaiza, Al Sadd, Ejnan and Al Ruwais - are expected to arrive in those ports during the next few weeks, according to analysts. "Some trading companies are also trying to divert cargoes away from the east towards Europe," a trader at an oil major said.


Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior officials from the Malaysian state-oil firm said on Tuesday. The 365-metre (1,200 ft) long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2 million tonnes per annum, would be completed by March next year, the firm's Vice President and Venture Director LNG Projects (Domestic) Abdullah Karim told reporters.


LNG Spot Prices Drop; Demand Dips from Brazil, Japan

By Oleg Vukmanovic and Jacob Gronholt-Pedersen,  Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals. Prices for April delivery dropped to around $18.10 per million British thermal units (mmBtu) from $19.60 per mmBtu last week. Petrobras, a major Atlantic Basin LNG buyer in recent weeks


Russia Could Fend off US LNG Plans for Europe

By Oleg Vukmanovic and Henning Gloystein, Reuters As Russia tightened its grip on Ukraine's Crimea region this month, U.S. and European Union officials were urging the Obama Administration to speed up approvals of more liquefied natural gas (LNG) export terminals. Yet Russian exporter Gazprom's ability to swamp European natural gas markets with supply while depressing prices will make it difficult for as-yet unavailable U.S. supplies to displace Russian gas in Europe.


Classification Leaders Weigh in on Marine Propulsion

James Watson, President & COO, Americas Division, ABS

When talk turns to marine propulsion and the host of surrounding topics – emissions, efficiency, fuel consumption – we turn to class for answers. While there are just two questions, the ensuing answers from leaders at ABS, BV, ClassNK, DNV GL, LR and RINA are voluminous & enlightening.   • Paal Johansen, DNV GL    The stricter environmental regulations and rising fuel costs lead to technology development in design, size, propulsion and operations


Dynagas LNG Completes Acquisition of Arctic Aurora

Dynagas LNG Partners LP

  Dynagas LNG Partners LP announced today that it has completed its previously announced acquisition of the ownership interests in the entity that owns and operates the 2013 built ice class liquefied natural gas carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor, for a purchase price of $235.0 million. On June 19, 2014 Dynagas Partners entered into a new $340 million senior secured revolving credit facility which was used to refinance $214


Korea's Daewoo To Grab Hold of LNG Ship Market

Daewoo Shipbuilding and Marine Engineering Co Ltd aims to grab half this year's 15 to 20 orders for Liquefied Natural Gas (LNG) carriers, strengthening its lead in the higher end of the shipbuilding market, the company said on Monday. Company officials reportedly said that Daewoo was expected to sign a $500 million deal to build an offshore fixed platform in Angola in April. The price for an LNG carrier is about $160-$175 million, about twice the price for a 300


LNG Sabine Pass Terminal Contract Signed

Sabine Pass Terminal: Image credit Cheniere Partners

Cheniere Energy Partners' subsidiary Sabine Pass Liquefaction signs a LNG sale and purchase agreement with Total Gas & Power North America. Cheniere Partners owns 100 percent of the Sabine Pass LNG terminal located on the Sabine Pass Channel in western Cameron Parish, Louisiana.  The Sabine Pass LNG terminal has regasification and send-out capacity of 4.0 billion cubic feet per day (Bcf/d) and storage capacity of 16.9 billion cubic feet equivalent (Bcfe).


Teekay to Acquire Up to Two LNG Carriers

Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco


Jensen to Design LNG Bunker Barges

Image: Jensen Marine

Houston-based LNG fuel supply and distribution company LNG America LLC announced today that it has contracted Jensen Maritime, Crowley Maritime Corp.'s Seattle-based naval architecture and marine engineering company, to design the initial bunker/shuttle barge for its U.S. Gulf Coast operations. Currently no LNG bunkering barges are in operation in American waterways, and these vessels will be among the first to be developed and built


Panama Okays New Canal Toll Structure

Toll infographic (Source: Panama Canal)

 Panama’s cabinet council has approved a request by the Panama Canal Authority (ACP) to modify the canal toll structure and implement volume-based discounts for container ships. The new toll schedule will take effect April 1, 2016.  


GAIL to Stop LNG Imports at Dabhol

Dabhol LNG terminal: GAIL

 GAIL India is all set to stop LNG imports at the Dabhol terminal in Ratnagiri district of Maharashtra from this month as the onset of monsoon will make operations difficult without a breakwater, says a PTI report.   The terminal cannot be operated during monsoon in absence of a


Tender for second Egypt LNG Terminal Issued

Egypt has issued a five-year tender to lease a second liquefied natural gas (LNG) import terminal, the head of the state gas board told Reuters on Monday, seeking to tackle an energy crisis. Egypt was once an energy exporter but declining oil and gas production and increasing consumption has


LNG Tanker Due in UK Around May 6

Britain's Isle of Grain liquefied natural gas (LNG) import terminal is set to receive the GDF Suez Point Fortin tanker on around May 6, live ship-tracking data on Reuters Eikon shows. The 154,200 cubic metre capacity vessel is currently off the Portuguese coast and is listed as inbound for the


OSV Technology: Notable Designs & Deliveries

MV Shelia Bordelon

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years. Here’s a look at some of the more notable designs and deliveries.


H-Energy to Build Floating LNG Terminal in West Bengal and Canada

Niranjan Hiranandani, Chairman, (Pic by Construction Skill Development Council of India)

 Business Standard reported that real estate developer Hiranandani Group plans to set up a INR 2,400 crore floating LNG import terminal off Haldia, West Bengal and supply imported gas to users as far as Paradip in Odisha.   H-Energy Pvt Ltd, the Energy arm of the Hiranandani Group


Skangass Celebrates Topping Up

LNG terminal in Pori: NOK Skangass

 Nordic liquefied natural gas operator Skangass  has celebrated a topping out ceremony at its Pori LNG terminal. The company said it was making progress in the construction of the storage tank for Finland's first LNG import terminal at the southern port of Pori.  


Floating LNG Regasification is Used in Smaller Markets

Source: EIA, based on World LNG Report, 2014 Edition and The LNG Industry annual reports, 2006-13

 According to the latest research from the US Energy Information Administration (EIA), floating LNG (FLNG) regasification is being used to meet rising natural gas demand in smaller markets.   Floating regasification is a flexible


DEME Orders LNG-powered Dredgers from Royal IHC

Image: Royal IHC

Royal IHC has been awarded a contract for the design, construction and delivery of two unique low-emission dredging vessels to DEME in Belgium, the builder announced today.   The 7,950m3 and 3,000m3 (expandable to 3,500m3) trailing suction hopper dredgers (TSHDs) are the first to be


Containers, Crude Drive Q1 Increase at Marseille Fos

Photo: Marseille Fos

A record month for containers and a revival in crude oil imports boosted first quarter throughput at leading French port Marseille Fos to 20.1 million metric tons – up by 1.3 million metric tons or 6.9 percent on January-March last year.   


DNV GL Hosts Norwegian State Secretary in Hamburg

A delegation from Norway, including State Secretary Dilek Ayhan (4th from the right), met with Tor Svensen, CEO DNV GL – Maritime (5th from the right) and the senior management team at the DNV GL maritime headquarters in Hamburg today.

High ranking state officials from Norway met with the senior management team at DNV GL’s maritime headquarters in Hamburg today. Tor Svensen, CEO, Knut Ørbeck-Nilssen, COO,  and Torsten Schramm, President of DNV GL – Maritime


GTT Expands Capability of LNG Cargo Operations Simulator

GTT Training announced the expansion of the capabilities of its LNG Cargo Operations Simulator.     Used to provide hands on, real time training in the processes and procedures that must be followed to undertake and complete any type of LNG cargo related operation


Panama Council Approves New Canal Tolls

Image: Panama Canal Authority

The Cabinet Council of the Republic of Panama has officially approved a proposal to modify the Canal tolls structure, following a recommendation from the Panama Canal Authority (ACP) Board of Directors.   The accepted proposal—which modifies the pricing structure for most Canal


Hyundai to Build LNG Regasifying Ship for Gazprom

Lena River gas carrier. Photo: Gazprom

 South Korea's Hyundai Heavy Industries has won the Gazprom Flot tender for the construction of the Kaliningrad floating LNG terminal, Gazprom said.   It will build a floating liquefied natural gas terminal in the western Russian city of Kaliningrad for $295 million.  


FEIS for Magnolia LNG Project Due in November

The Directors of Liquefied Natural Gas Limited advised that the United States Federal Energy Regulatory Commission (FERC) has issued the Notice of Schedule for Environmental Review (SER) for the company’s Magnolia LNG Project, setting November 16






 
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